Due to the rising cost of urad imports and a sharp appreciation of the US dollar against the Indian rupee, importers in Chennai, Delhi, and Mumbai are currently holding very limited stocks. At the same time, dal millers had already procured material in advance to meet their requirements, resulting in no stock availability in the pipeline. Meanwhile, prices in Yangon have strengthened by USD 20–25 per tonne for both small and bold varieties within a week. As a result, the domestic market is also witnessing bullish sentiment, and a further rise of around ₹500 per quintal is expected during the current month. It is noteworthy that for the past one month, arrivals of urad in the Saharanpur–Gangoh belt have almost completely dried up. Last month, prices had touched lows of around ₹7,000 per quintal for small grain and ₹7,700 per quintal for bold grain. However, due to non-availability of material from Chennai and rising prices in Yangon, dal mills have now started buying spot containers, pushing prices sharply higher. At present, prices have jumped to around ₹7,750 per quintal for small grain and ₹8,450 per quintal for bold grain. Considering the severe shortage of spot material in Chennai, bold urad prices may rise further to ₹9,000 per quintal in the near term. On the Chandausi line, it is estimated that most of the local crop has been consumed locally and has not entered wider trade channels. Therefore, at current price levels, urad is expected to offer a quick upside of ₹500 per quintal. Overall, stocks remain extremely tight across the entire pipeline. Container arrivals from Chennai are expected to remain limited in the coming period. Additionally, no fresh domestic crops are expected, which supports continued spot trading. Although sowing in Madhya Pradesh and Maharashtra was higher by around 17–18%, unseasonal rainfall during the crop period delayed harvesting and damaged crop quality. As a result, despite higher sowing, production declined by nearly 30–32%. The crops from Chandausi, Saharanpur, and Gangoh regions have already been exhausted. Initially, total urad production in the country was estimated at 49–50 lakh metric tonnes, but revised estimates now suggest actual output of only 36–37 lakh metric tonnes. Since last year’s crop from MP and Maharashtra was also lower, there is no stock pressure anywhere in the market. Even in Chennai, stocks are reported to be significantly lower compared to last year.